Dr. Datsons Labs' board to discuss issuing $25 million convertibles

By Tali Rackner

Norfolk, Va., April 29 - Dr. Datsons Labs Ltd. informed the Bombay Stock Exchange that its board of directors will meet on May 10 to consider issuing up to $25 million of foreign-currency convertible bonds, American Depository Receipts and Global Depository Receipts.

The board will also do the following:

• Increase the company's authorized capital to Rs. 800 million from Rs. 500 million;

• Consider raising funds by way of issue of equity shares on preferential basis to non-promoters up to $25 million;

• Consider the amendment in other object clauses in the memorandum of association of the company;

• Consider conducting postal ballot of the company for the listed matters pursuant to section 110 of the Companies Act, 2013 and companies (management and administration) rules, 2014 and to finalize the notice of postal ballot for the same; and

• Consider appointment of scrutinizer to oversee the postal ballot process of the company.

Dr. Datsons Labs is a Mumbai-based pharmaceutical company.

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